Q&A
Timeline for redevelopment and required approvals
2:51:04
·
89 sec
Council Member Farías asks about the timeline for redeveloping the Parkchester garages and any additional approvals needed. The representative explains the process and potential constraints.
- The team is prepared to engage architects for design documents once zoning is in place
- Funding allocation from HPD is a key factor in moving forward
- The company has funds available for predevelopment costs
- The largest constraint is likely to be securing HPD allocation for the project to proceed
Amanda Farías
2:51:04
Great.
2:51:05
And what's your timeline for re developing the purchaser garages?
2:51:09
Are there any other approvals you need from the city or from purchaser association and north or south?
UNKNOWN
2:51:13
Well, I think once we have the zoning in place and we know what we we are prepared to engage our architect to create actual design documents.
2:51:23
We have had initial meetings with HPD.
2:51:25
Ultimately, it it is driven by HPD giving us fun for the development.
2:51:31
You know?
2:51:31
So we have we're in a queue just like everybody else at HPD trying to get their development, you know, to get it's allocation of tax credits
UNKNOWN
2:51:41
really.
UNKNOWN
2:51:42
And so but we we are prepared to invest our money on the design process, immediate once we know what we're able to design.
UNKNOWN
2:51:51
And do you have funding available for this development project already?
UNKNOWN
2:51:55
We have funding available.
2:51:56
We own our land.
2:51:57
We've owned it for a long time, so we own our land.
2:52:01
We have funding allocated in our budget for this investment to to pay for predevelopment related costs for it ultimately when we go into the development phase depending on what that capitalization looks like.
2:52:16
We're prepared to either put in our dollars or secure the funding necessary to do that.
2:52:22
So I think really the biggest thing is when do when can we get in, you know, HPD's allocation for us to be able to go forward?
2:52:28
That's gonna be probably the largest constraint to us.